Just in case anyone has not been following along or needs a reminder. If D6 fails here, D5 and D7 are the sequential targets/magnets. Both are substantially below current price. Here, on the daily chart, price is moving into D7's trough - this is a displaced cycle indicator and thus works in reverse to how your eye reads this; a trough is a topping zone, exerting downward pressure on price but simultaneously with all other degrees of trend. D7 is a two monthly (approx) trend cycle and not to be ignored. D6 has been putting up a good fight in its bottoming cycle (peak) but if price fails when there should be upward pressure, then D7 is winning. This will be accentuated by D5 which is also working through a topping zone, albeit on the wane as D6 trumps the power of D5 by 2:1. Will D7 prevail???
No comments:
Post a Comment